Advanced Packaging Overflow

研报英文原文证据摘录

Advanced Packaging Overflow

Macquarie Equity Research

09 June 2026

Technology Hardware & Equipment

AsiaAdvanced Packaging Overflow

EMIB expansion as a catalyst for Asia supply

chain Arthur Daniel

Lai Kim

Key Points

• Booming AI demand outstrips TSMC's CoWoS capacity, driving fabless Hiroshi Kaylin

to Intel's viable EMIB platform. Taguchi Tsai

• EMIB's localised silicon bridge architecture creates a new addressable

market for Asia supply chain. Figure 1 - Mentioned stocks

Ticker Company Rating Mkt Cap CP TP TSR• Sufficient advanced packaging capacity in the industry ensures TSMC's (US$m) (LC) (LC) (%)

front-end advanced node orders. 2330 TT TSMC O 1,891,047 2,295.00 2,550.00 12.1

522 HK ASMPT O 9,917 169.90 177.00 5.6

3037 TT Unimicron O 48,708 911.00 940.00 3.9

• Advanced packaging demand outflow from CoWoS. Booming AI semi 009150011070 KSKS SamsungLG InnotekElec. OU 97,10117,535 1,664,000.001,095,000.00 2,150,000.00190,000.00 -82.329.4

demand from global chip designers, including MediaTek and Broadcom,

Source: Factset, Macquarie Research, Jun 2026

is outstripping TSMC's advanced packaging capacity. While TSMC is

closing price as of Jun 09

aggressively expanding CoWoS (Chip on Wafer on Substrate), its strategic

capital allocation remains heavily skewed toward higher-margin front-

end node expansions. Hence, unfulfilled advanced packaging demand is

spilling over to alternative platforms.

• EMIB is a viable alternative. Intel's EMIB (Embedded Multi-die

Interconnect Bridge) has reached practical mass production maturity

according to its recent F1Q26 earnings call, while we believe TSMC's

CoWoS maintains a wider tech moat and a yield advantage. EMIB's

architecture effectively meets the heterogeneous integration needs